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Ethereum has once again refreshed its yearly high! Is it going to da moon this time? Everyone, take a look at the chart:
According to the data, the funding rates on the exchange have risen significantly, and the bulls are a bit crowded. Whether it can continue to rise is uncertain, but what we can confirm is that ETH is not at the bottom right now:
As you can see from the second image, the funding rate for ETH last night was very negative, with a price of 3700. At that time, I mentioned that a negative funding rate could trigger an increase. Since last night until now, ETH has indeed surged sharply, and the funding rate has turned from negative to positive, with all the crowded short positions becoming fuel.
Therefore, the short-term entry timing for ETH and BTC is relatively easy to judge. As long as the funding rate turns negative, the coin price is relatively at the bottom and will experience a certain rebound, making it an opportunity to make easy money. We discussed this last night. Currently, the funding rate has not turned positive, so I will not be bottom-fishing at this time.
But one thing everyone needs to understand is that a positive funding rate does not indicate a top, because most coins have a positive rate. Therefore, shorting based on the funding rate is not quite right, as this indicator is more used to assess the bottom; it is more sensitive to the bottom.
From the trend perspective, we previously escaped the peak of Bitcoin at 120,000 and shorted, and shorted three times at 116,000. However, the third time encountered a sudden positive news from Trump, which forcefully extended the life of the crypto market.
Although I can't be as bearish as before, I still think the current coin price is a bit high. I will be more patient and wait for a better entry signal.
For example, if the negative funding rate we just talked about, or indicators like RSI oversold, MACD golden cross, etc., show a buy signal, I will feel more confident to enter the market.
I'm not in a hurry; good entry opportunities will always appear. The money in the crypto world is endless, so don't pressure yourself. If you didn't make a profit in this wave, just wait for the next one~